Evolus, Inc. (EOLS)
NASDAQ:EOLS
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Evolus
(NASDAQ:EOLS)
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Rating:56Neutral
Price Target:
$6.50
▲(38.59% Upside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak underlying financial quality (negative cash flow and balance-sheet strain) and loss-making valuation signals, partially offset by constructive earnings-call guidance/profitability momentum and supportive technical trend (though indicators are overbought).
Positive Factors
Revenue Growth
Sustained top-line momentum (TTM revenue up ~155% and multi-year expansion) indicates durable demand for Jeuveau and growing product mix. Consistent revenue growth improves fixed-cost absorption potential and supports a pathway to operating leverage as commercial scale increases.
Negative Factors
Balance Sheet Leverage
Negative equity and elevated debt levels reduce financial flexibility and raise refinancing and covenant risk. A levered balance sheet constrains investment optionality, increases financing costs over time, and makes the company more sensitive to adverse industry or capital-market shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained top-line momentum (TTM revenue up ~155% and multi-year expansion) indicates durable demand for Jeuveau and growing product mix. Consistent revenue growth improves fixed-cost absorption potential and supports a pathway to operating leverage as commercial scale increases.
Read all positive factors
Evolus (EOLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$432.67M
Dividend YieldN/A
Average Volume (3M)891.57K
Price to Earnings (P/E)―
Beta (1Y)0.88
Revenue Growth9.56%
EPS Growth24.52%
CountryUS
Employees372
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.67
Shares Outstanding65,854,750
10 Day Avg. Volume666,154
30 Day Avg. Volume891,566
Financial Highlights & Ratios
PEG Ratio6.72
Price to Book (P/B)-18.55
Price to Sales (P/S)1.44
P/FCF Ratio-9.38
Enterprise Value/Market Cap1.27
Enterprise Value/Revenue1.82
Enterprise Value/Gross Profit2.77
Enterprise Value/Ebitda-39.04
Forecast
1Y Price Target
$14.50Price Target Upside209.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.09
Revenue Forecast (FY)$330.50M
Evolus Business Overview & Revenue Model
Company Description
Evolus, Inc., a performance beauty company, provides medical aesthetic products for physicians and their patients in the United States. It offers Jeuveau, a proprietary 900 kilodalton purified botulinum toxin type A formulation for the temporary i...
How the Company Makes Money
Evolus makes money primarily by selling Jeuveau to healthcare providers (e.g., dermatology, plastic surgery, and aesthetic medical practices) that purchase the product and administer it to patients for cash-pay aesthetic procedures. Revenue is gen...
Evolus Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presented a broadly constructive picture: revenue growth (Q1 +7%), healthy margins (adjusted gross margin 68%), expanding commercial footprint and loyalty (Rewards members +27% YoY), and a return to positive adjusted EBITDA ($0.6M) alongside reiterated full-year guidance and planned product launches (Esteem in Europe, Sculp FDA in Q4). Key risks include timing/seasonality comparatives, a newly announced 15% South Korea tariff on certain products, a still-small contribution from Evolisse amid a soft filler market, and continued competitive entrants. On balance, the operational improvements, profitability momentum, and clear pipeline/launch cadence outweigh the cited headwinds.Positive Updates
Revenue Growth and Brand Performance
Q1 global net revenue $73.1M, up 7% year-over-year; Jeuveau contributed $66.4M (positive unit growth and pricing stability) and Evolisse $6.7M. Jeuveau U.S. market share maintained at 14% with expected high single-digit YoY growth over the comparable period.
Negative Updates
Seasonal and Timing Headwinds
Q1 comparisons affected by one-time revenue deferral dynamics that benefited 2025 and created a headwind in 2026; company expects Q2 U.S. Jeuveau net revenue growth to more than offset the Q1 decline.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth and Brand Performance
Q1 global net revenue $73.1M, up 7% year-over-year; Jeuveau contributed $66.4M (positive unit growth and pricing stability) and Evolisse $6.7M. Jeuveau U.S. market share maintained at 14% with expected high single-digit YoY growth over the comparable period.
Read all positive updates
Company Guidance
The company reiterated full-year 2026 guidance of total net revenue of $327 million to $337 million (implying total company revenue growth of 10%–13%), adjusted gross margin of 65.5%–67%, non‑GAAP operating expenses of $210 million to $216 million, and a low‑ to mid‑single‑digit adjusted EBITDA margin (with full‑year adjusted EBITDA profitability expected); management also expects global Jeuveau revenue to grow high single‑digits in 2026 and Q2 U.S. Jeuveau net revenue to more than offset the Q1 headwind. First‑quarter results that support the outlook included global net revenue of $73.1 million (+7% YoY), Jeuveau revenue of $66.4 million, Evolisse $6.7 million, reported gross margin 67% (adjusted gross margin 68%), and positive adjusted EBITDA of $0.6 million; the company ended Q1 with $49.8 million cash and access to an additional $120 million in capital.Evolus Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
28
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 301.79M | 297.18M | 266.27M | 202.09M | 148.62M | 99.67M |
| Gross Profit | 197.81M | 192.76M | 182.30M | 140.53M | 89.77M | 56.14M |
| EBITDA | -14.03M | -28.86M | -25.00M | -41.81M | -53.85M | -39.06M |
| Net Income | -43.42M | -51.64M | -50.42M | -61.69M | -74.41M | -46.81M |
Balance Sheet | ||||||
| Total Assets | 220.65M | 225.87M | 232.57M | 189.00M | 177.98M | 257.48M |
| Cash, Cash Equivalents and Short-Term Investments | 49.79M | 53.83M | 86.95M | 62.84M | 53.92M | 146.26M |
| Total Debt | 164.90M | 155.00M | 129.98M | 126.55M | 74.42M | 74.74M |
| Total Liabilities | 249.43M | 248.97M | 227.05M | 209.69M | 159.48M | 175.61M |
| Stockholders Equity | -28.78M | -23.11M | 5.52M | -20.69M | 18.50M | 81.88M |
Cash Flow | ||||||
| Free Cash Flow | -41.33M | -45.71M | -19.47M | -35.63M | -87.85M | -34.36M |
| Operating Cash Flow | -36.59M | -42.27M | -18.00M | -34.01M | -84.91M | -33.39M |
| Investing Cash Flow | -8.28M | -8.45M | -4.82M | -1.63M | -2.94M | 4.03M |
| Financing Cash Flow | 26.59M | 17.34M | 47.41M | 44.64M | -4.15M | 73.05M |
Evolus Technical Analysis
Positive
4.69
Price Trends
5.26
Positive
5.08
Positive
5.95
Positive
Market Momentum
0.31
Positive
63.02
Neutral
42.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EOLS, the sentiment is Positive. The current price of 4.69 is below the 20-day moving average (MA) of 6.27, below the 50-day MA of 5.26, and below the 200-day MA of 5.95, indicating a bullish trend. The MACD of 0.31 indicates Positive momentum. The RSI at 63.02 is Neutral, neither overbought nor oversold. The STOCH value of 42.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EOLS.
Evolus Risk Analysis
Evolus disclosed 54 risk factors in its most recent earnings report. Evolus reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Evolus Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $473.65M | -55.04 | -1.59% | ― | -29.89% | 93.33% | |
56 Neutral | $432.67M | -9.85 | 174.92% | ― | 9.56% | 24.52% | |
55 Neutral | $504.31M | -7.15 | 190.87% | ― | -7.30% | -3.31% | |
53 Neutral | $337.13M | -1,156.47 | -0.07% | ― | 12.19% | 1.97% | |
53 Neutral | $170.71M | -17.97 | -35.57% | ― | 15.00% | 3.18% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $29.88M | -5.42 | -15.41% | ― | -30.75% | -1056.69% |
* Healthcare Sector Average
EOLS
Evolus
6.56
-2.63
-28.62%
EBS
Emergent Biosolutions
9.12
2.80
44.30%
RMTI
Rockwell Med
0.74
-0.24
-24.42%
ORGO
Organogenesis Holdings
2.57
-0.17
-6.20%
AQST
Aquestive Therapeutics
4.02
1.31
48.34%
DERM
Journey Medical Corp
6.31
-1.75
-21.71%
Evolus Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Evolus Ends ATM Facility After Strong Q1 Momentum
Positive
May 4, 2026
Evolus terminated its unused at‑the‑market equity sales agreement with Leerink Partners LLC on May 1, 2026, removing a $50 million share issuance facility that had not been tapped and signaling confidence in its current capital positio...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Evolus Secures New Credit Facility and Reports Profitability
Positive
Mar 3, 2026
On March 3, 2026, Evolus secured a new senior secured asset-based revolving credit facility of up to $30 million, with an uncommitted $10 million accordion, maturing in 2029 and secured by substantially all company assets, which adds liquidity but...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.